This is in turn impacting upon the types of artworks and artists that are gaining greater exposure, and securing more sales, thus increasing the value of their collections.
On the corporate side, there is a growing demand for art collections that are rooted either in the locale or in the community in which they exist. Many are also turning to art collections to communicate the environmental, social and governance topics that their business are passionate about.
Diversity and environmental consideration are both key. We are seeing demand for all-women collections increase. Law firm Mayer Brown recently exhibited a collection of all-black artists to highlight conversations around Black History Month. This is informative of how people are using art as a visual way of representing their values and beliefs.
All of this is fuelling the growing interest in local artists and in spotting the next upcoming star, a trend certainly accelerated by Brexit.
This is a time of rapid change across the art sector. That does create uncertainty, but also opportunity. For those buying into the art world, it is typical to look into the biggest names, and those whose works are guaranteed to retain value. The shortcoming of this is that any rises in value are likely to be incremental.
Local talent is the talent to watch in the rapidly changing art world.
Patrick McCrae is the chief executive of international art agency ARTIQ
